Banks Are Closing in on European Licenses for Life After Brexit

(Bloomberg) -- Banks with their European Union headquarters in London are getting on with ensuring they can operate in the bloc after Britain leaves.

Twenty-five banks have concluded, or are close to finishing, applications for EU subsidiaries, said Daniele Nouy, the industry’s chief supervisor at the European Central Bank. The number rises to 37 when you include investment firms which are related to banks but don’t fall under the ECB’s responsibility, she said.

Banks are generally well prepared, Nouy said at a conference in Frankfurt on Monday.

Nouy also said:

  • The ECB has met with 50 to 60 banks that may have to relocate from the U.K.
  • Some banks don’t need a “special authorization” and are expanding existing EU units instead

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